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Market Update

Canada's GDP bounced back from last month's negative print this morning.  We reported a 0.6% month over month increasing, beating expectations by a tick.  Despite this surprise (probably because it's reporting ancient January data), bonds have ticked up this morning as equity markets are mixed.

 

  Most of the news continues to be around putting out fires.  Treasury Secretary Paulson has proposed a large overhaul of regulation in the US markets - combining the SEC and the CFTC (commodities regulator).  Hint Hint Canada.... other countries get the single regulator game.  The overhaul also includes giving more power to the Federal reserve to preserve market integrity.  We haven't seen many details of the proposal yet, but the implications could be far reaching.  Much like Sarbanes-Oxley after the tech-wreck, we are noticing that a lot of regulation and blame is being handed out after the fact.  Does that mean we're most of the way through the problems?  Doubtful given the speed at which the housing market moves compared to the stock markets.  Just think how long a transaction takes to close on a house vs a 100 shares of stock.  It's not easy to stop the slide, fix the bad loans and move on....

 

 

Lots of important business survey data comes out this week, like the Chicago NAPM, ISM indexes, Ivey PMI...we watch these closely as they are all below their boom/bust lines (save the Cdn Ivey PMI number).  It's important to see the small and medium business sentiment.

 



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